Reinsurance News
Hiscox selects IVANS Markets to tap independent agencies network
16th October 2019
Global specialist re/insurer Hiscox is set to expand its reach to independent agencies using IVANS Markets, which promises to provide access to a network of more than 32,000 agents. Leveraging the service from IVANS, a division of Applied Systems, Hiscox will market appetite details for its partner wholesalers, including Apogee, Braishfield ... Read the full article
Munich Re’s automation insurtech eyes mid-tier market
16th October 2019
Munich Re Group's specialist insurtech subsidiary, Munich Re Automation Solutions Ltd, is set to bring its auto-underwriting expertise to the global mid-tier insurance marketplace with one of its SaaS-enabled solutions, ALLFINANZ SPARK. SPARK operates as a hosted service, and provides mid-tier companies with the chance to automate their underwriting processes, explore ... Read the full article
Alliant strengthens Southwest operations with VP hire
16th October 2019
US specialty insurance brokerage firm Alliant Insurance Services has bolstered its operations in the Southwest region with the appointment of Geoff Godsey as Vice President. Based in Dallas, TX, Godsey joins Alliant from a large regional insurance brokerage firm, where he served as a Commercial Producer. He is an experienced commercial insurance ... Read the full article
Low interest rates hit French life sector solvency: Moody’s
16th October 2019
French life re/insurers’ Solvency II ratios declined during the first nine month of 2019 as falling interest rates signalled pressure on future profits, according to Moody’s Investors Service. Interest rates have fallen significantly in 2019, causing some large French life insurers’ Solvency II ratios declined between 15 and 23 percentage points ... Read the full article
Saddleridge fire ignition reported near SC Edison electrical tower
15th October 2019
An investigation into the Saddleridge wildfire, which has burnt through nearly 8,000 acres in Los Angeles County this week, has established that the blaze originated near the base of a Southern California Edison electrical tower, according to reports from Reuters. The cause of the fire still remains uncertain, but the Los ... Read the full article
Sompo International to offer email security services to cyber policyholders
15th October 2019
Bermuda-based property and casualty re/insurer Sompo International has announced that it plans to offer complimentary cyber risk management services for email security protection to all eligible policyholders in the US. To realise this goal, Sompo International has partnered with SecurIT360, a full-service security consulting firm, and The Crypsis Group, a leading ... Read the full article
B3i deploys latest Cat XoL product
15th October 2019
The Blockchain Insurance Industry Initiative (B3i) has announced the deployment of its latest property catastrophe Excess of Loss application. B3i says the product is able to cover the majority of Cat XoL contracts transacted in the market today and provides customers with the ability to negotiate and manage contract workflows on ... Read the full article
CRC Group appoints President of new Charlotte, NC office
15th October 2019
Specialty insurer CRC Group has announced the addition of Greg Watson as Office President of a new branch the firm is set to open in Charlotte, North Carolina. Watson started his career as a personal lines underwriter, and brings more than a decade of industry experience to CRC. CRC states that his ... Read the full article
Price Forbes sets up US healthcare practice, names heads
15th October 2019
Independent Lloyd's of London insurance broker Price Forbes has launched a US Healthcare practice, to be led by Paul Voller and David Fairbank. Based out of London, the practice will arrange insurance, captive reinsurance and treaty protection for Price Forbes clients, complimented by placements for cyber protection. Voller most recently served as ... Read the full article
Loss trends call for more caution regardless of ‘new normal’ question: Gen Re CEO
15th October 2019
The significant increase in loss volatility for many property and casualty (P&C) lines over the past decade should be enough to demand more caution from re/insurers, regardless of whether or not this experience represents a ‘new normal’. This is according to Kara Raiguel, President and Chief Executive Officer (CEO) of Gen ... Read the full article
ArgoGlobal adds Noel Praveen to Dubai underwriting team
15th October 2019
ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has announced the appointment of Noel Praveen to its underwriting team in Dubai. He will taken up his position as Senior Underwriter for Casualty and Professional Lines with immediate effect. Praveen joins ArgoGlobal from Abu Dhabi National Insurance Company, where he most recently ... Read the full article
UN & WWF call on re/insurers to step up World Heritage Sites protection
15th October 2019
The United Nations and the World Wide Fund For Nature (WWF) are urging global insurers and reinsurers to build on their commitments to help protect UNESCO World Heritage Sites. The organisations have called on the industry to reduce insurance and investments for companies or projects whose activities could damage sites of ... Read the full article
AXA XL announces new UK Head of Energy
15th October 2019
Peter Welton has been promoted to UK Head of Energy at AXA XL, succeeding Luis Prato, who was named Chief Underwriting Officer (CUO) for UK Legal entities earlier this year. In his new role, Welton takes responsibility for developing the UK energy book and providing and designing innovative insurance and ... Read the full article
Hagibis could exhaust AIG’s cat allowance for Japan, say analysts
15th October 2019
Typhoon Hagibis, which devasted the east coast of Japan over the weekend, could exhaust the catastrophe allowance of American International Group, Inc. (AIG) in Japan, according to analysts at Credit Suisse. The firm noted that AIG has likely already used its Japan $550 million excess of $200 million occurrence coverage ... Read the full article
B.P. Marsh’s profit falls, but NAV up 3%
15th October 2019
Specialist private equity investor B.P. Marsh & Partners Plc (B.P. Marsh) has announced profit after tax of £5.6 million for the six months to July 31st 2019, compared with £6.3 million for the same period in 2018. B.P. Marsh has released its unaudited results for the six month period ending July ... Read the full article